Alcoa to Acquire Ivex for $440 Million

Alcoa Inc., the world’s biggest aluminum maker, agreed to acquire Ivex Packaging Corp., a maker of specialty packaging, for about $440 million in cash.

Alcoa is paying $21.50 per Ivex share and also is taking over about $350 million in debt.

Alcoa, better known as the world’s No.1 producer of aluminum, generates about $2.7billion from its sprawling packaging businesses. Its brands include Reynolds Wrap aluminum foil and Baco household wraps.

The acquisition won’t include Ivex’s 48.2% stake in Packaging Dynamic Corp., which will be distributed to Ivex shareholders, Alcoa said.

Pittsburgh-based Alcoa fell 4 cents to $38.99, and Ivex, based in Lincolnshire, Ill., fell 26 cents to $21.25, both on the New York Stock Exchange. The news was released after the close of regular U.S. trading.